TECHNOLOGY HEALTH CHECKS: WHY, WHAT, AND HOW THEY ARE ESSENTIAL TO YOUR ORGANIZATION
Priscila Nagalli, our Director of Treasury and Capital Markets, discusses the benefits of Health Checks, and how Actualize helps organizations identify and implement industry best practice enhancements.
Just as you go to a doctor for an annual physical, it is important to do the same for all areas of your organization - including your processes and technology landscape. This is especially true if the implementation occurred several years ago or there has been significant turnover in your client’s Treasury department. Client requirements, personnel, and system capabilities are constantly changing, making a periodic assessment necessary to ensure the ultimate value is being obtained from the system. This will also help identify any potential issues that may arise and further enhance processes.
Actualize Consulting will review and assess Treasury processes, usage of a product, user proficiency with the tool, and overall operational effectiveness.
1. Actualize will conduct initial scoping calls and then provide questionnaire customized to each organization’s situation. The goal is to collect information to educate the team on the environment to maximize the value obtained during an onsite visit.
2. Using a pre-defined checklist, Actualize will conduct onsite interviews and perform a walk-through of treasury operational activities.
3. The data will be compiled and Actualize will confirm open questions with the client, and prepare peer benchmarking assessments, ranking them against industry peers.
4. A best practice recommendation document will be assembled which will include a clear action plan.
5. Actualize will communicate detailed observations, supporting documentation, and discuss the next steps required to implement the plan.
Key Deliverables That Actualize Will Provide
1. A comprehensive overview and checklist of how the client is currently performing Treasury tasks and utilizing the technology on hand, as well as a listing of potential issues and/or concerns. This includes educating users on industry best practices, available system capabilities and functionalities, and enhancing operational effectiveness. Actualize will rank different areas of your operation according to its efficiency, highlighting underdeveloped, evolving, established, enhanced, and optimized areas. (See image for example.)
2. Peer benchmarking assessment and scorecard specific to utilization of the application and user system proficiency in supporting key Treasury functions. This will not only assess staff proficiency with applications, but also increase client competency and improve staff morale and skills so they can become better aware of their strengths, weaknesses, and potential areas of improvement.
3. Industry best practice recommendations with a clear and actionable roadmap. Evaluating discrepancies between client and peer assessments will enhance workflow and control opportunities by highlighting both system and operational improvements. This includes detailing high priority initiatives, timing, and impact on the client, as well as the effort needed to implement.
Please contact me if you would like to learn more about how we can help your organization.
With offices in the US, Canada, and the UK (London), Actualize keeps our finger on the ever-changing pulse of the Capital Markets, Treasury, Mortgage and Fixed Income areas.
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